Jakarta (Indonesia), Jan 17 (ANI): Indonesia is an emerging economy. And to tap the market potential, Japan's Mitsubishi UFJ Financial Group (MUFG) has joined hands with Bank Danamon of Indonesia.

The partnership enables harmonisation of both strong points to enrich both country's people.

Deputy President of MUFG Eiichi Yoshikawa said, "Japan and Indonesia have enjoyed strong relationships for long time. Indonesia has large population and achieved big economic growth that is why partnership with Indonesia following other partnerships with countries such as Vietnam, Thailand and Philippines, will realise huge network businesses in ASEAN region."

"Currently we are trading in Indonesia with 2,300 companies which represent about 90 per cent of Japanese companies in the country. And by providing local service by our partner Bank Danamon to those customers, I think further substantial business will be created. For example, adding joint venture between Indonesian and Japanese company will create new customer and expand foundation by making supply chain finance," Yoshikawa added.

Narrating the reason for choosing Bank Danamon out of other Indonesian banks, he said, "Bank Danamon is 5th largest bank as commercial bank. And, management team of Bank Danamon has amazing experience and knowledge. And it has stable financial base and large amount of profitability."

"Looking at the Business Portfolio, Bank Danamon is good at "Auto Loan" and "Consumer Finance". This reminds us the case of Bank of Ayudhya (Krungsri) in Thailand which has been successful in similar investment. So we believe that we can take advantage of our past experience," he further noted.

Saying that the partnership will enable MUFG to provide "unique global and local service", he said "Bank Danamon has very solid network in Indonesia and also wide customer base such as individual and small business. Together with the network of Japanese companies that MUFG Jakarta Branch has, and MUFG's overseas network in addition to internal management and risk management capability, we think that we can provide very unique global and local service."

"We will be also ready to support Bank Danamon's customer who aims to go into global business in the future through the strong network of MUFG. In terms of Asia, thanks to our partnerships in Indonesia now we can develop business strategy toward to the whole region not a single country each time."

Digitalisation and use of advanced technology is the demand of modern age banking. MUFG and Bank Danamon will jointly fulfill the requirements with their strong partnership. (ANI)